Paving- and mining-equipment maker
said it expects a loss in its third quarter, not the profit analysts had forecast, due to lower-than-expected margins on customizable equipment.
The company said it will lose 5 cents to 8 cents a share, compared with its originally forecast earnings of 10 cents to 12 cents a share. The analyst consensus had been for earnings of 12 cents a share. The company lost $1.3 million, or 7 cents a share, a year ago.
Astec said lower-than-expected sales volume in its aggregate and mining, mobile asphalt and underground segments contributed to the disappointing results. The company also had higher administrative and selling expenses during the quarter, including unexpected litigation costs.
The company expects revenue to rise from the $103.1 million it posted in the year-ago period.
Astec will announce its earnings on Oct. 17.
Shares of the company closed at $12.92 Wednesday on the